My employer is deducting PF from my salary every month. How will I come to know that such sums are deposited with the government?
Further, on termination of employment, what is the procedure for withdrawal of the PF amount from the account?
From India, Mumbai
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Further, on termination of employment, what is the procedure for withdrawal of the PF amount from the account?
From India, Mumbai
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Pankaj,
PF is contributed by the employee as well as the employer. This amount would be with the PF commissioner, and a PF account would be opened in your name by your company. You can ask the Accounts team for your PF number and inquire about the balance available in your PF account.
Thanks,
Mirza
From Saudi Arabia, Jiddah
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20PF is contributed by the employee as well as the employer. This amount would be with the PF commissioner, and a PF account would be opened in your name by your company. You can ask the Accounts team for your PF number and inquire about the balance available in your PF account.
Thanks,
Mirza
From Saudi Arabia, Jiddah
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Hi Mirza,
Yes, it's very true that those companies with a strength of more than 20 employees have to register themselves with the PF department; it's an obligation of the employer. After registration, they deduct 12% of your basic salary, and the same amount is deducted from their side as well, depositing it with the PF fund.
At the end of every financial year, the PF department provides a statement for each registered individual to the company representative separately. You can collect this statement from them. The statement covers the period from April of the previous year to March of the current year, including any previously deposited amounts.
The PF amount can be withdrawn after leaving the company. Following a 60-day separation, you are required to submit filled-up FORM 10c and FORM 19, the withdrawal forms, to the PF department through the previous employer or directly.
I hope this information helps you.
Regards,
Amit Seth
From India, Ahmadabad
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Yes, it's very true that those companies with a strength of more than 20 employees have to register themselves with the PF department; it's an obligation of the employer. After registration, they deduct 12% of your basic salary, and the same amount is deducted from their side as well, depositing it with the PF fund.
At the end of every financial year, the PF department provides a statement for each registered individual to the company representative separately. You can collect this statement from them. The statement covers the period from April of the previous year to March of the current year, including any previously deposited amounts.
The PF amount can be withdrawn after leaving the company. Following a 60-day separation, you are required to submit filled-up FORM 10c and FORM 19, the withdrawal forms, to the PF department through the previous employer or directly.
I hope this information helps you.
Regards,
Amit Seth
From India, Ahmadabad
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Amit,
I am glad to receive a reply from you. It is really valuable information, and you have mentioned that one can close or transfer PF accounts without the employer's involvement. If so, could you please inform us about the procedure?
Thanks,
Mirza
From Saudi Arabia, Jiddah
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I am glad to receive a reply from you. It is really valuable information, and you have mentioned that one can close or transfer PF accounts without the employer's involvement. If so, could you please inform us about the procedure?
Thanks,
Mirza
From Saudi Arabia, Jiddah
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Dear Mirza,
Thank you for such nice appreciations.
Yes, one can access their amount from the PF department, but only after 60 days of separation from the company. You can make a claim by submitting the filled-up Form 10C and 19 to the PF department. However, this process requires information from the employer's side that you must have in your possession, such as a relieving letter from the employer.
Typically, this procedure is handled by the company, but individuals have the option to withdraw the funds or transfer them when securing further employment by completing a fund transfer form.
I hope this has clarified your query.
Regards,
Amit Seth.
From India, Ahmadabad
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Thank you for such nice appreciations.
Yes, one can access their amount from the PF department, but only after 60 days of separation from the company. You can make a claim by submitting the filled-up Form 10C and 19 to the PF department. However, this process requires information from the employer's side that you must have in your possession, such as a relieving letter from the employer.
Typically, this procedure is handled by the company, but individuals have the option to withdraw the funds or transfer them when securing further employment by completing a fund transfer form.
I hope this has clarified your query.
Regards,
Amit Seth.
From India, Ahmadabad
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Amit:
I am clear with that, but is it necessary to obtain a relieving letter from the organization? Let me provide an example: suppose one organization has two partners, and they dissolve the organization due to their issues. One of the partners has offered the employees to work for him, and 50-60% of the employees have accepted the offer. However, the other partner refuses to provide a relieving letter. In such a scenario, if the other partner sends an email stating it should be considered as the relieving letter for the employees who are with him, what criteria should be considered or what is the process to withdraw the PF amount? What do you suggest in this situation?
I also extend this opportunity to all the users to share their thoughts and views.
Thanks,
Mirza
From Saudi Arabia, Jiddah
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I am clear with that, but is it necessary to obtain a relieving letter from the organization? Let me provide an example: suppose one organization has two partners, and they dissolve the organization due to their issues. One of the partners has offered the employees to work for him, and 50-60% of the employees have accepted the offer. However, the other partner refuses to provide a relieving letter. In such a scenario, if the other partner sends an email stating it should be considered as the relieving letter for the employees who are with him, what criteria should be considered or what is the process to withdraw the PF amount? What do you suggest in this situation?
I also extend this opportunity to all the users to share their thoughts and views.
Thanks,
Mirza
From Saudi Arabia, Jiddah
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Dear Friends,
Many of my friends have been inquiring about the process of submitting the claim forms Form 19 and Form 10C. I am providing below the guidelines for attesting the claim form as outlined by the PF authorities.
Ideally, the claim form should be attested by the employer with whom the member was last employed.
If, for any reason, the claimant is unable to obtain attestation from their former employer, they may submit the claim to the Provident Fund office after clarifying the situation. The claim form should be attested by one of the following authorized officials:
1. Manager of the bank where the member holds an account.
2. Head of an educational institution.
3. A Gazetted Officer.
4. Post/Sub Postmaster.
5. The Magistrate.
6. Member of the Central Board of Trustees, Employees Provident Fund, or Regional Committee.
7. Chairman/Secretary or member of the Municipal/District/Local Board.
8. President of the village union/Panchayat or Member of Parliament/Legislative Assembly.
9. Any other Officer approved by the Regional PF Commissioner.
Regards,
malladi_alps :lol: :lol: :lol:
From India, Madras
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Many of my friends have been inquiring about the process of submitting the claim forms Form 19 and Form 10C. I am providing below the guidelines for attesting the claim form as outlined by the PF authorities.
Ideally, the claim form should be attested by the employer with whom the member was last employed.
If, for any reason, the claimant is unable to obtain attestation from their former employer, they may submit the claim to the Provident Fund office after clarifying the situation. The claim form should be attested by one of the following authorized officials:
1. Manager of the bank where the member holds an account.
2. Head of an educational institution.
3. A Gazetted Officer.
4. Post/Sub Postmaster.
5. The Magistrate.
6. Member of the Central Board of Trustees, Employees Provident Fund, or Regional Committee.
7. Chairman/Secretary or member of the Municipal/District/Local Board.
8. President of the village union/Panchayat or Member of Parliament/Legislative Assembly.
9. Any other Officer approved by the Regional PF Commissioner.
Regards,
malladi_alps :lol: :lol: :lol:
From India, Madras
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Legal Clarification on Termination for Criminal Case & PF Contribution Reduction.pdf